Amid AIG Furor, Dodd Tries to Undo Bonus Protections He Put In

Amid AIG Furor, Dodd Tries to Undo Bonus Protections He Put In

www.foxbusiness.com

Sen. Chris Dodd (D-Conn.) floated the idea of taxing AIG bonus recipients to recoup some of the $450 million paid to its financial products unit.

The move represents an about-face for Dodd.

To the $787 billion stimulus last month, Dodd added an amendment that provides an “exception for … bonuses agreed on before Feb. 11, 2009” -- which exempts the AIG bonuses Dodd is now seeking to tax.

Dodd was AIG’s largest recipient of donations in 2008 with $103,100, according to opensecrets.org.

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Related News Links:
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What a hypocrite! I should've guessed Dodd or Shumer or Rangel would be looking out for AIG ahead of the public when this was put together.

Reports say Obama was "really mad" about the AIG bonuses.
Think he'll mention Dodd's role?
Another Dem.? Hell No!
He's not THAT mad!

(I'll print and eat this when he does it.)

Guess who was Number 2 on AIG's list. Barack Hussein Obama: $101,332!

Anyone ever heard of “conflict of interest?”

Turns out I’ve got something in common with AIG. Obama is “Number Two” on my list as well.

Dood and Frank are both “Number One.”

That’s not a rank, it’s a description.

Of course, there's still a second round of bonuses in play. See the 2nd "Fox" link, below.


www.foxbusiness.com
(visit the link for the full news article)

Peter Schiff 2010 thats all I have to say to that. Dodd needs to be eliminated. He is a criminal and should be tried for treason for he is a big part of the reason we are in this debacle along with everyone else in this two party crime family.....

reply topost by mybigunit

Anyone but Dodd and Frank.

As for the "retention bonus" excuse?

Cuomo, the NY A.G., just released names, and mnay don't even work for AIG anymore! Some "retention!"

Originally posted by mybigunit
Peter Schiff 2010 thats all I have to say to that. Dodd needs to be eliminated. He is a criminal and should be tried for treason for he is a big part of the reason we are in this debacle along with everyone else in this two party crime family.....

Dodd was also Obama's largest campaign contributor. Good luck getting him out of that seat. It can be done, but it's going to be tough.

reply topost by sos37

You mean Dodd gave some of his AIG money to Obama?

Iknow it will be tough, but with news out every day on Murtha, Rangel, Dodd and Frank, I think that cabal will be history soon.

jw

Iknow it will be tough, but with news out every day on Murtha, Rangel, Dodd and Frank, I think that cabal will be history soon.

We can only hope! I do remember reading somewhere (although can't remember where) that Dodd may not get re-elected next time around.
Don't know if it was just somebody doing some wishful thinking or if there is/was some sort of movement or something going on to get rid of him.

Originally posted by inthesticks
Iknow it will be tough, but with news out every day on Murtha, Rangel, Dodd and Frank, I think that cabal will be history soon.

We can only hope! I do remember reading somewhere (although can't remember where) that Dodd may not get re-elected next time around.
Don't know if it was just somebody doing some wishful thinking or if there is/was some sort of movement or something going on to get rid of him.

dodd was in cahoots with northern trust bank and yeah polls show him losing right now

reply to post by jdub297

Cuomo, the NY A.G., just released names, and mnay don't even work for AIG anymore! Some "retention!"

Cuomo is just as dirty as anyone else involved in this mess.

They are all trying to play superhero right now...trying to ship blame off themselves...and the BILLIONS sent to Foreign banks!!!

Stop focusing on the wrong issue!!

THis is how they were sending money out of the country without you knowing about it...it's out there and THEY AREN"T DISCUSSING IT.

Fact is, 11 AIG employees who received bonuses of at least $1 million left the company shortly after.

Yet CEO Liddy and the Obama admin go on Sunday Tv and call these "retention" bonuses!

Retain this!

Dodd, et al should 'fess-up, just like Grassle said, and resign.

jw

[edit on 17-3-2009 by jdub297]

www.butasforme.com...

Dodd, Chris (D-CT) Senate $103,100
Obama, Barack (D-IL)Senate $101,332
Clinton, Hillary (D-NY) Senate $35,965
Baucus, Max (D-MT) Senate $24,750
Biden, Joseph R Jr (D-DE) Senate $19,975

“

Obama’s Own Stimulus Bill Protects the AIG Bonuses He Now Condemns“:

HIGH IMPACT - Thanks to our stimulus spending bill search engine, we discovered that Obama granted AIG a free legal pass to give high bonuses because of the following stipulation in Obama’s stimulus bill he personally orchestrated and signed into law:

From page H1412 of the Final Stimulus Bill, “SEC. 111. EXECUTIVE COMPENSATION AND CORPORATE GOVERNANCE:
“(iii) The prohibition required under clause (i) shall not be construed to prohibit any bonus payment required to be paid pursuant to a writte employment contract executed on or before February 11, 2009, as such valid employment contracts are determined by the Secretary or the designee of the Secretary.”

This amendment provides an exception for contractually obligated bonuses agreed on before Feb. 11, 2009, which exempts the very AIG bonuses Obama is condemning every single chance he gets. The amendment is in the final version and is law.

Sen. Dodd was AIG’s largest single recipient of campaign donations during the 2008 election cycle with $103,100, according to opensecrets.org — According to the Wall Street Journal, Sen. Dodd placed this section into the final stimulus bill, making him responsible, along with Obama, for AIG receiving these bonuses.

startthinkingright.wordpress.com...

Originally posted by jdub297
Fact is, 11 AIG employees who received bonuses of at least $1 million left the company shortly after.
Yet CEO Liddy and the Obama admin go on Sunday Tv and call these "retention" bonuses!
Retain this!
Dodd, et al should 'fess-up, just like Grassle said, and resign.
jw
[edit on 17-3-2009 by jdub297]

Correction! 11 AIG employees left the company BEFORE they got their $1million+ "retention" bonuses!

How does Liddy explain this? What about Geithner and Dodd?

jw

I can not believe that the Obama Administration put Sen. Dodd up to this!!!

That's a slap in the face to all of us who believe that Obama would stand up to Wall Street, the golden parachute and the greed. To say that they where "worried" about an avalanche of lawsuits coming from Wall Street whinners is just another slap in the face to the people watching this unfold day in and day out. Is an insult to our intelligence!!

On principle only, they should have not cave or even worried about this Wall Street babies and their bonuses, if they want it to sue they should have let them sue away!! One after the other they would have been exposed for what they really are: greedy, powerhungry pigs!

President Obama has failed all the american people in this issue.

Like I said before on a thread here on ATS.....the name was changed from golden parachute TO Retention Pay.

But if you want a hint of WHO really put the "golden parachute" back into the bill that would be Sen. Reid and Pelosi, behind closed doors after it was passed by the senate and trying to come to some terms with the house.

Do you all remember that little fiasco.

reply to post by tiso_us
reply to post by Buncj

Who would've guessed?

Now, Dodd says it was Geithenr and Obama themselves that put him up to it!

"Dodd: administration pushed bonus revisions"
www.abovetopsecret.com...

Unbelievable. No, it is entirely believable - even likely. Should've seen it coming.